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20121201
20121231
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CNBC 1
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CNBC
Dec 9, 2012 11:00pm EST
entree to europe, and the hedge funds capital of america, greenwich, connecticut. it was here that bernie madoff made some of his biggest deals with large investment firms that were willing to feed him billions of dollars of their clients' money to manage. and in return, bernie madoff agreed to pay these so-called feeder funds a fortune in annual fees. the largest of the feeder funds was the fairfield greenwich group. how much money did fairfield make off bernie madoff every year? >> hundreds of millions of dollars. >> kroft: if you're a feeder fund, what are you supposed to do for those hundreds of millions of dollars? >> you're supposed to identify the world's best hedge fund managers and invest only in them, and you're supposed to make sure they're not running ponzi schemes. >> the real steroids here were the feeder funds. that's what made it an international ponzi scheme. >> kroft: attorney david boies is one of the most prominent lawyers in the country and is representing fairfield greenwich investors, who lost nearly $7 billon when madoff went under. they're suing the firm for gross
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